Tax reconciliation – detail
Statement Purpose
The purpose of this statement is to calculate the taxable/attributed income or loss for each income category of the consolidated entities in the group by making tax adjustments to those categories.
Data Flow
The statement is populated predominantly via links from backup statements.
- Net accounting income or loss for the period is linked from the Income statement.
- Adjustments to net accounting income or loss for the period are linked from backup statements.
The investment status (capital or revenue) question within the
Calculation setup
statement determines where the corresponding line items are calculated.For example, if gains or losses on futures are on the revenue account for tax purposes, any amounts will remain in either the
Other Australian income
section or the Other foreign income
section. If selected as being on capital account, the amounts are reclassified to the NTAP capital gains amount.Explanation of Fields
As an internal check, the statement includes a variance check to ensure that the taxable or attributed income or loss on this statement agrees to the taxable or attributed income or loss on the
Statement of taxable/attributed Income
. There should be no variance in this cell.Signage
The signage settings are as follows:
- Increases to taxable income are positive amounts.
- Decreases to taxable income are negative amounts.